Well after finally going to sleep at 6:30 this morning, I just recently got up to check in on the watch list and the market. With only 4 hours of sleep in me, I wont be trading until the afternoon, if at all.
Bears are in control here, and the 200 day moving average on the SPY is finally tested. While this could be the bottom of the range I've been talking about, I still think there is a good chance that we test the small range from the lows from March 16th, down to 124.77.
As I've been saying, I think we form a range here more than anything else over the next several weeks to months. If I'm wrong and we break down hard, I'll be looking for continuation patterns.
For now, let's see if the 200 day is enough to bring the bulls back in, at least for a little bit.
1263.75 is short term resistance here basis the S&P 500 Futures, and based on early momentum, the lows do not look like they are in for the day, but we'll see what the recent buyers here have to say about that.
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